Thinking about a cash out refinance on your home in Washington?
Some of the great reasons for a cash out refinance include: covering a large, unexpected expense, removing someone from title, boosting your credit score by paying off other loans and credit cards, or making home improvements. Here are our top 5 tips when it comes to getting your cash-out refinance.
1. Determine how much cash you really need
Decide what combination of cash in hand, and payments really best meet your current needs and future goals.
2. Use APR to compare mortgage deals
The fastest, easiest and best way to accurately compare deals when shopping for a home mortgage loan is to look at the APR on the offers.
3. Understand The Factors Involved
Your rate, terms and approval rely on the following factors:
- Your Credit score and history
- Your home value, equity and the loan to value
- And your ability to verify taxable income
4. Gather Your Documents ahead of time
Get your documents together early. This way you know what you may be missing, and what you can actually provide to a lender to get the best refinancing deal.
This may include: Valid ID, bank statements, W2s, tax returns, pay stubs and current mortgage statements. If you are self-employed then you will also need to provide business tax returns.
5. Choose A Great Mortgage Broker
A great cash out refinance experience all starts with picking a good mortgage broker to help you through the process, and to secure you the best possible mortgage deal.
Get in touch with us today to find out how much cash you can access from your home...